Nearly 2 Trillion Won Unclaimed in Mutual Finance... "Check with Geumgyeolwon and Geumgamwon"

Mutual Finance's 'Sleeping Money' 1.8894 Trillion Won
1,240 People Holding Over 10 Million Won Idle
Asset Inquiry Available at KFTC and FSC at Once

Photo by Financial Services Commission

[Asia Economy Reporter Song Seung-seop] Financial authorities and the mutual finance sector are launching a campaign to actively help financial consumers recover their hidden money. This is because many consumers do not claim their equity contributions or dividends despite their existence.

According to the financial sector on the 6th, as of the first half of this year, the dormant money in the mutual finance sector amounts to approximately 1.8894 trillion KRW. Savings and deposit products that are dormant or have not been transacted for a long time total 1.632 trillion KRW. The unit Nonghyup accounts for the largest portion at 1.2503 trillion KRW, followed by ShinHyup (192.1 billion KRW), Saemaeul Geumgo (107.4 billion KRW), Suhyup (66.8 billion KRW), and the Korea Forest Service Cooperatives (15.4 billion KRW).

Unpaid equity contributions and dividends also reach 257.4 billion KRW. Unpaid equity contributions arise when members withdraw from the cooperative but do not claim their refund. Unpaid dividends refer to funds that members did not claim despite dividends being declared at individual cooperative general meetings.

The number of individuals with unclaimed equity contributions or dividends exceeding 10 million KRW reaches 1,240. Among the mutual finance sectors, unit Nonghyup has the highest number with 1,100 people (88.7%).

"Check your hidden assets at the Korea Financial Telecommunications & Clearings Institute and the Financial Supervisory Service"

Accordingly, the Financial Services Commission, Ministry of the Interior and Safety, Ministry of Agriculture, Food and Rural Affairs, Ministry of Oceans and Fisheries, Korea Forest Service, Financial Supervisory Service, Korea Financial Telecommunications & Clearings Institute, and the National Mutual Finance Federation are jointly implementing the ‘Campaign to Find Hidden Assets Sleeping in Bank Accounts.’ Although financial authorities and the mutual finance sector have continuously provided related guidance, the amount of hidden assets remains enormous, prompting the launch of this campaign.

The mutual finance sector will individually notify financial consumers with hidden assets via mail and text messages. They also plan to promote asset inquiry and refund methods to the entire population. Customers with hidden assets can visit the cooperative’s branch office, fill out an application form, and receive their assets. Individual sectors are also actively participating. Saemaeul Geumgo plans to actively inform customers visiting branches and return customer financial assets through the integrated account information management service on their website. Detailed information will also be posted at Saemaeul Geumgo branches and on their website.

There is also a method to use the Korea Financial Telecommunications & Clearings Institute’s ‘Account Information Integrated Management Service (Account Info)’ or the Financial Supervisory Service’s ‘Financial Consumer Portal.’ Customers can check all their assets at once and transfer them to their own accounts or donate them. Dormant savings and deposits can be claimed up to 500,000 KRW, and unpaid equity contributions and dividends up to 10 million KRW. Amounts exceeding these limits require visiting a branch.

A financial authority official emphasized, “Through this campaign, financial consumers can more easily find their valuable hidden assets and use them for living expenses, etc. Cooperatives will also contribute to enhancing public trust in the mutual finance sector by ensuring that citizens’ assets are not forgotten and are recovered.”

This content was produced with the assistance of AI translation services.